Advisor in NY pension fraud case sentenced

One of the key players in a case involving fraudulent use of the New York state pension system will not have to serve jail time, despite pleading guilty over three years ago.

Reuters reports that Saul Meyer, the founder of a Texas-based pension consulting firm, admitted guilt in 2009 to paying a political consultant to New York's former state comptroller approximately $300,000 in exchange for getting pension fund money for investments.

Meyer, a former partner at Aidus Equity in Dallas, was the final defendant to be sentenced in a lengthy probe, the results of which have resulted in more scrutiny of pension plans across the country.

Comptroller Alan Hevesi was sent to prison last year as part of the same investigation. He is scheduled to be released from prison next week.

A state judge ruled Thursday that Meyer was subject to a conditional discharge and will avoid prison. Supreme Court Justice Lewis Bart Stone said he took into consideration the fact that Meyer had cooperated with authorities in both New York and in New Mexico, and had also paid $1 million in restitution, in addition to receiving a felony conviction for securities fraud.